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Stock-Based Compensation
 6 Months Ended
Jul. 16, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Compensation

Note 12 – Stock-Based Compensation

The Company has a shareholder-approved stock incentive plan that provides for the granting of stock options, stock appreciation rights, restricted stock, restricted stock units, stock awards, and other stock-based and stock-related awards to directors, officers and other key associates.

Stock-based compensation expense (net of tax) recognized and included in “Selling, general and administrative expenses” and “Income taxes” in the condensed consolidated statements of earnings was $0.7 million ($0.02 per diluted share) and $0.6 million ($0.01 per diluted share) for the 12 weeks ended July 16, 2016 and July 18, 2015, respectively. Stock-based compensation expense (net of tax) was $3.8 million ($0.10 per diluted share) and $3.5 million ($0.09 per diluted share) for the 28 weeks ended July 16, 2016 and July 18, 2015, respectively.

The following table summarizes activity in the stock-based compensation plans for the 28 weeks ended July 16, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

Shares

 

 

Weighted

 

 

Restricted

 

 

Average

 

 

Under

 

 

Average

 

 

Stock

 

 

Grant-Date

 

 

Options

 

 

Exercise Price

 

 

Awards

 

 

Fair Value

 

Outstanding at January 2, 2016

 

308,793

 

 

$

 

21.15

 

 

 

637,555

 

 

$

 

24.75

 

Granted

 

—

 

 

 

 

—

 

 

 

298,836

 

 

 

 

28.31

 

Exercised/Vested

 

(48,438

)

 

 

 

21.31

 

 

 

(255,156

)

 

 

 

24.56

 

Cancelled/Forfeited

 

(938

)

 

 

 

14.36

 

 

 

(28,993

)

 

 

 

25.74

 

Outstanding at July 16, 2016

 

259,417

 

 

$

 

21.15

 

 

 

652,242

 

 

$

 

26.41

 

Vested and expected to vest in the future at July 16, 2016

 

259,417

 

 

$

 

21.15

 

 

 

 

 

 

 

 

 

 

Exercisable at July 16, 2016

 

259,417

 

 

$

 

21.15

 

 

 

 

 

 

 

 

 

 

 

The Company has not issued any stock options since 2009 and all outstanding options are vested.

As of July 16, 2016, total unrecognized compensation costs related to non-vested share-based awards granted under the Company’s stock incentive plans were $7.4 million for restricted stock, and are expected to be recognized over a weighted average period of 2.4 years. All compensation costs related to stock options have been recognized.